The QSE Index fell 0.3% led by losses in the Insurance and Real Estate indices. National Leasing and Qatar German Co for Medical Devices were the top losers. The volume of shares traded fell by 2.8% compared to the previous day. Regionally, indices declined in most Gulf markets except for Saudi Arabia, which fell 0.8%. Earnings news included a 35.8% drop in net profit for Ezdan Holding Group and financial results announcements from companies trading in Saudi Arabia, Abu Dhabi, Kuwait and Oman. Qatar news mentioned a deal between Qatar Development Bank and The Commercial Bank to support SMEs and a tripling of property deal values in Qatar over five years.

1. Page 1 of 5
QSE Intra-Day Movement
Qatar Commentary
The QSE Index fell 0.3% to close at 11,909.2. Losses were led by the Insurance and Real
Estate indices, falling 1.3% and 0.7%, respectively. Top losers were National Leasing and
Qatar German Co for Medical Devices, falling 2.2% and 2.0%, respectively. Among the
top gainers, Al Meera Consumer Goods Co. rose 3.0%, while Islamic Holding Group
gained 2.5%.
GCC Commentary
Saudi Arabia: The TASI Index fell 0.8% to close at 9,301.7. Losses were led by the
Transport and Telecom & Infor. Tech. indices, falling 1.6% and 1.4%, respectively.
Saudi Telecom Co. fell 2.8%, while Banque Saudi Fransi was down 2.6%.
Dubai: The DFM Index declined 1.3% to close at 4,147.6. The Transportation and Banks
indices fell 1.6% each. Al Mazaya Holding Co. declined 10.0%, while National Industries
Group was down 9.7%.
Abu Dhabi: The ADX benchmark index fell 0.4% to close at 4,881.5. The Energy index
declined 4.9%, while the Investment & Financial Services index fell 1.2%. Gulf Cement
Co. declined 8.5%, while Dana Gas was down 5.1%.
Kuwait: The KSE Index declined 0.1% to close at 6,281.8. The Technology index fell
1.2%, while the Real Estate index declined 0.7%. IFA Hotels & Resorts Co. plunged
23.6%, while Flex Resorts & Real Estate Co. was down 23.1%.
Oman: The MSM Index fell 0.1% to close at 6,581.8. Losses were led by the Financial
and Industrial indices, falling 0.6% and 0.1%, respectively. Al Madina Takaful fell 4.2%,
while Bank Nizwa was down 3.8%.
Bahrain: The BHB Index declined marginally to close at 1,337.0. The Hotel & Tourism
index fell 0.4%, while the Services index declined 0.3%. Delmon Poultry Co. fell 1.2%,
while Gulf Hotel Group was down 0.6%.
QSE Top Gainers Close* 1D% Vol. ‘000 YTD%
Al Meera Consumer Goods Co. 281.20 3.0 49.0 40.6
Islamic Holding Group 137.00 2.5 79.4 10.0
Medicare Group 191.50 1.9 68.4 63.7
Qatar Islamic Bank 109.60 1.5 56.3 7.2
United Development Co. 25.25 0.6 245.7 7.0
QSE Top Volume Trades Close* 1D% Vol. ‘000 YTD%
Ezdan Holding Group 17.90 (1.1) 845.9 20.0
Gulf International Services 73.30 0.1 283.0 (24.5)
Aamal Co. 15.00 (1.1) 261.5 3.7
United Development Co. 25.25 0.6 245.7 7.0
National Leasing 19.80 (2.2) 187.0 (1.0)
Market Indicators 26 Jul 15 23 Jul 15 %Chg.
Value Traded (QR mn) 167.9 175.4 (4.3)
Exch. Market Cap. (QR mn) 6,32,626.6 6,33,883.2 (0.2)
Volume (mn) 3.5 3.6 (2.8)
Number of Transactions 5,617 3,297 70.4
Companies Traded 41 40 2.5
Market Breadth 14:22 25:11 –
Market Indices Close 1D% WTD% YTD% TTM P/E
Total Return 18,511.09 (0.3) (0.3) 1.0 N/A
All Share Index 3,193.10 (0.2) (0.2) 1.3 13.2
Banks 3,141.79 0.1 0.1 (1.9) 13.8
Industrials 3,789.81 (0.4) (0.4) (6.2) 13.3
Transportation 2,469.18 0.1 0.1 6.5 13.4
Real Estate 2,741.27 (0.7) (0.7) 22.1 9.2
Insurance 4,815.71 (1.3) (1.3) 21.7 22.3
Telecoms 1,137.12 (0.1) (0.1) (23.5) 22.8
Consumer 7,551.65 0.4 0.4 9.3 29.3
Al Rayan Islamic Index 4,678.06 0.0 0.0 14.1 13.7
GCC Top Gainers## Exchange Close# 1D% Vol. ‘000 YTD%
Nat. Marine Dredging Abu Dhabi 5.00 9.4 1.8 (27.5)
Med. & Gulf Ins. Saudi Arabia 44.77 4.4 2,743.1 (10.6)
Al Meera Cons. Goods Qatar 281.20 3.0 49.0 40.6
Kuwait Int. Bank Kuwait 0.25 1.7 733.0 (0.8)
Gulf Pharma. Ind. Abu Dhabi 2.64 1.5 0.2 (4.1)
GCC Top Losers## Exchange Close# 1D% Vol. ‘000 YTD%
IFA Hotels & Resorts Kuwait 0.16 (23.6) 0.0 (19.0)
Dana Gas Abu Dhabi 0.56 (5.1) 29,075.6 12.0
Abu Dhabi Nat. Energy Abu Dhabi 0.68 (4.2) 1,269.9 (15.0)
Kuwait Cement Co. Kuwait 0.37 (3.9) 3.5 (8.8)
Bank Nizwa Muscat 0.08 (3.8) 8.6 (6.2)
Source: Bloomberg (# in Local Currency) (## GCC Top gainers/losers derived from the Bloomberg GCC 200
Index comprising of the top 200 regional equities based on market capitalization and liquidity)
QSE Top Losers Close* 1D% Vol. ‘000 YTD%
National Leasing 19.80 (2.2) 187.0 (1.0)
Qatar German Co for Medical Dev. 16.52 (2.0) 24.1 62.8
Al Khaleej Takaful Group 42.00 (1.9) 95.2 (4.9)
Qatar Insurance Co. 99.20 (1.8) 23.3 25.9
Zad Holding Co. 100.70 (1.8) 23.8 19.9
QSE Top Value Trades Close* 1D% Val. ‘000 YTD%
Gulf International Services 73.30 0.1 20,779.7 (24.5)
Ezdan Holding Group 17.90 (1.1) 15,189.0 20.0
Al Meera Consumer Goods Co. 281.20 3.0 13,778.5 40.6
Medicare Group 191.50 1.9 13,364.4 63.7
QNB Group 183.80 (0.1) 12,175.0 (13.7)
Source: Bloomberg (* in QR)
Regional Indices Close 1D% WTD% MTD% YTD%
Exch. Val. Traded ($
mn)
Exchange Mkt. Cap.
($ mn)
P/E** P/B**
Dividend
Yield
Qatar* 11,909.17 (0.3) (0.3) (2.4) (3.1) 46.10 1,73,656.0 12.2 1.8 4.3
Dubai 4,147.63 (1.3) (1.3) 1.5 9.9 75.34 1,05,819.4 12.2 1.4 6.3
Abu Dhabi 4,881.49 (0.4) (0.4) 3.4 7.8 29.91 1,32,301.1 12.2 1.5 4.5
Saudi Arabia 9,301.66 (0.8) (0.8) 2.4 11.6 1,315.44 5,50,369.8 19.4 2.2 2.8
Kuwait 6,281.84 (0.1) (0.1) 1.3 (3.9) 34.34 96,686.4 15.6 1.0 4.2
Oman 6,581.82 (0.1) (0.1) 2.4 3.8 7.24 25,755.9 11.5 1.5 3.9
Bahrain 1,337.03 (0.0) (0.0) (2.3) (6.3) 0.43 20,911.3 8.6 0.9 5.3
Source: Bloomberg, Qatar Stock Exchange, Tadawul, Muscat Securities Exchange, Dubai Financial Market and Zawya (** TTM; * Value traded ($ mn) do not include special trades, if any)
11,900
11,920
11,940
11,960
11,980
9:30 10:00 10:30 11:00 11:30 12:00 12:30 13:00

2. Page 2 of 5
Qatar Market Commentary
 The QSE Index fell 0.3% to close at 11,909.2. The Insurance and Real Estate
indices led the losses. The index fell on the back of selling pressure from
non-Qatari shareholders despite buying support from Qatari and GCC
shareholders.
 National Leasing and Qatar German Co for Medical Devices were the top
losers, falling 2.2% and 2.0%, respectively. Among the top gainers, Al Meera
Consumer Goods Co. rose 3.0%, while Islamic Holding Group gained 2.5%.
 Volume of shares traded on Sunday fell by 2.8% to 3.5mn from 3.6mn on
Thursday. Further, as compared to the 30-day moving average of 4.8mn,
volume for the day was 27.6% lower. Ezdan Holding Group and Gulf
International Services were the most active stocks, contributing 24.2% and
8.1% to the total volume, respectively.
Source: Qatar Stock Exchange (* as a % of traded value)
Ratings and Earnings
Ratings Updates
Company Agency Market Type* Old Rating New Rating Rating Change Outlook Outlook Change
alizz islamic bank
(alizz)
Capital
Intelligence
Oman LT/ST – omBBB-/omA3 – Stable –
Source: News reports (* LT – Long Term, ST – Short Term, FSR- Financial Strength Rating, FCR – Foreign Currency Rating, LCR – Local Currency Rating, IDR – Issuer Default Rating, SR – Support Rating, LC – Local
Currency)
Earnings Releases
Company Market Currency
Revenue (mn)
2Q2015
% Change
YoY
Operating Profit
(mn) 2Q2015
% Change
YoY
Net Profit (mn)
2Q2015
% Change
YoY
AXA Cooperative Insurance
Co. (AXA Insurance)
Saudi Arabia SR 185.4 19.0% – – 8.3 36.4%
Aljazira Takaful Ta'wuni Co.
(ATT)
Saudi Arabia SR 2.4 46.2% – – 5.1 210.2%
Saudi Transport &
Investment Co. (Mubarrad)
Saudi Arabia SR – – 32.4 148.0% 20.3 56.4%
Saudi Basic Industries
Corporation (SABIC)
Saudi Arabia SR – – 9,330.0 -7.3% 6,170.0 -4.5%
Dallah Healthcare Holding Co.
(DHC)
Saudi Arabia SR – – 35.7 6.6% 35.9 4.7%
Abdullah A. M. Al-Khodari
Sons Co.
Saudi Arabia SR – – 21.0 21.9% 34.9 340.7%
Emaar The Economic City
(EEC)
Saudi Arabia SR – – 63.4 -72.2% 50.4 -76.3%
Saudi Enaya Cooperative
Insurance Co.
Saudi Arabia SR 15.8 441.6% – – -10.1 -11.0%
Tabuk Cement Co. Saudi Arabia SR – – 27.6 -37.0% 26.9 -37.6%
Saudi Re for Cooperative
Reinsurance Co. (Saudi RE)
Saudi Arabia SR 91.3 17.6% – – 22.6 NA
Oman & Emirates Investment
Holding Co. (OEIHC)*
Abu Dhabi OMR 2.0 -48.2% – – 0.3 -80.0%
Abu Dhabi Aviation (ADA)* Abu Dhabi AED 959.1 30.6% 226.5 8.3% 136.7 24.6%
Ooredoo Kuwait Kuwait KD 184.8 -6.0% – – 12.6 -30.0%
Source: Company data, DFM, ADX, MSM (*1H2015 results)
Overall Activity Buy %* Sell %* Net (QR)
Qatari 77.78% 64.32% 2,25,94,186.31
GCC 5.88% 4.73% 19,45,467.79
Non-Qatari 16.34% 30.96% (2,45,39,654.10)

3. Page 3 of 5
News
Qatar
 ERES net profit plummeted 35.8% QoQ in 2Q2015 – Ezdan Holding
Group’s (ERES) net profit plummeted 35.8% QoQ to QR335.7mn in
2Q2015, primarily due to lower dividend income from available-
for-sale financial assets (QR0.2mn in 2Q2015 against QR183.6mn
in 1Q2015) and increased G&A expenses (up by 104.8% QoQ to
QR78.0mn in 2Q2015) along with higher finance costs (up by
34.8% QoQ to QR93.9mn in 2Q2015). However, the net profit
surged 30.4% YoY in 2Q2015. The company’s rental income grew
6.6% QoQ (up 13.9% YoY) to QR386.9mn in 2Q2015 while its
share of results of equity-accounted investees surged 60.6% QoQ
(up 69.6%YoY) to QR121.0mn. Earnings per share (EPS)
amounted to QR0.13 in 2Q2015 versus QR0.20 in 1Q2015. (QSE,
QNBFS Research)
 DBIS to disclose financials on August 10 – Dlala Brokerage and
Investment Holding Co. (DBIS) will announce its financial results
for the period ending June 30, 2015 on August 10, 2015. (QSE)
 CBQK, QDB sign deal to support SMEs – Qatar Development Bank
(QDB) has inked an agreement with The Commercial Bank (CBQK)
for its ‘Al Dhameen portfolio’ program to support further
expansion of small and medium enterprises (SMEs) funding in
Qatar. With the QR100mn portfolio, ‘Al Dhameen portfolio’ aims at
facilitating and speeding up approvals to guaranty the value of the
funding provided by the partner bank to SMEs lacking sufficient
guarantees. (Gulf-Times.com)
 Property deals value triples in five years – The combined value of
Qatar’s real estate transactions hit QR36bn in 1H2015, up by 48 %
YoY. This is against an 18% YoY increase for 1H2014 when the
combined value stood at QR24.4bn. According to market analysts,
the value of real estate transactions has almost tripled during the
past five years. However, there is a significant drop in the number
of transactions during 2011-2015. A comparative analysis of the
market performance for the first six months of the past five years
shows a significant increase in the combined value of transactions,
but a sharp fall in the number. For instance, when the 1H2015
witnessed a 48% YoY jump in the combined value of transactions,
the total number of transactions declined to 3,050, from 4,503
achieved during the same period a year ago. The total number of
deals is down by 7% in 1H2015 compared to the deals struck
during the 1H2011. (Peninsula Qatar)
International
 Trans-Pacific trade negotiators face high-wire act in Hawaii – Pacific
Rim officials will meet in Hawaii this week for talks. This could
make or break an ambitious trade deal, which aims to boost
growth and set common standards across a dozen economies
ranging from the US to Brunei. The trade ministers go into the
talks, which run through July 28-31 on the island of Maui, with
high hopes of an agreement to conclude the Trans-Pacific
Partnership (TPP), the most sweeping trade deal in a generation
and a legacy-defining achievement for US President Barack Obama.
But the toughest issues have been left until last, including
monopoly periods for new life-saving medicines and preferential
treatment for state-owned companies as well as more traditional
trade issues such as opening protected markets to competition.
Canada’s refusal so far to accept more dairy imports is a major
sticking point in the talks, infuriating the US as well as New
Zealand, which has said it will not sign a deal that fails to open new
dairy markets. Failure to agree this week will endanger an already
tight timeline to get a deal through the divided US Congress this
year, before the 2016 presidential campaign dominates the
agenda. (Reuters)
 Greek bailout deal negotiations to begin on July 27 – The
International Monetary Fund (IMF) and the European Commission
(EC) have said that representatives of Greece’s creditors will begin
talks in Athens on July 27 on a third bailout package to the debt-
swamped Greek government. The European Union, IMF and
European Central Bank (ECB) make up the so-called “troika” of
Greece’s creditors. In hammering out details of the third bailout
package for Greece worth €86bn, the three organizations will be
joined by a fourth negotiator, the European Stability Mechanism.
However, the EC spokesman did not reveal whether the teams
arriving on July 27 would be composed only of technical experts,
or would also include heads of missions from the four
organizations. The date and venue of the talks has been uncertain
since the leftist-dominated Greek parliament earlier this week
approved two sets of tough reform and austerity conditions that
creditors had insisted on. Athens and Brussels hope the terms of
the new bailout can be finalized by mid-August, with cash-
strapped Athens facing a €3.2bn repayment to the ECB on August
20, and a €1.5bn reimbursement to the IMF in September.
(Economic Times)
 Kenya in talks with US companies on $26bn infrastructure deal –
Kenyan and US companies are negotiating a potential multibillion-
dollar agreement with the Kenyan government to help develop the
East African country’s biggest infrastructure project, known as
Lapsset. According to Issa Timamy, Governor of Lamu County in
southeastern Kenya, the US companies want to take part in the
Lamu Port Southern Sudan-Ethiopia Transport Corridor, which
envisages the construction of a port, a power plant, railway and
other facilities. Kenya’s Treasury has estimated that the Lapsset
project would cost $26bn. The country also envisages building
resort cities, an international airport and an inter-regional
highway. Discussions about the deal coincide with US President
Barack Obama’s visit to Kenya and come amid competition for
influence in Africa, where China surpassed America as the
continent’s biggest trading partner in 2009. According to the
Washington-based Brookings Institute, Chinese trade with Africa
reached $198.5bn in 2012, compared with the US- African trade of
$99.8bn. (Bloomberg)
 DBS 2Q2015 profit rises 15% on interest, fee income – DBS Group
Holdings Limited, Southeast Asia’s largest bank, posted a 15% gain
in 2Q2015 profit on higher interest and fee income. The Singapore-
based bank reported that net income climbed to Singaporean
dollar (S$) 1.12bn in 2Q2015 from S$969mn in 2Q2014. Domestic
interest rates closing at the highest levels since 2008 have allowed
Singaporean lenders to increase charges to borrowers. The banks
still face the prospect of weaker loan growth in 2015 as the city’s
economy contracts amid an Asia-wide slowdown led by China.
DBS’s net interest margin rose to 1.75% in 2Q2015 from 1.67% in
2Q2014. Net interest income climbed 12% to S$1.7bn, while fees
and commissions grew 16% to S$582mn. (Bloomberg)
Regional
 Al Hammadi obtains MoH approval for Al Hammadi Hospital Sweidi
Branch – Al Hammadi Company for Development & Investment (Al
Hammadi) has obtained the Ministry of Health’s (MoH) approval
to commence the commercial run of Al Hammadi Hospital Sweidi
Branch. All required medical and construction systems tests were
successfully completed and all required medical and
administrative staff have been provided. The management expects
an estimated operating loss amounting to SR9mn for Al Hammadi
Hospital Sweidi Branch in 2015, and expects it to reach the
breakeven point in 3Q2016. (Tadawul)
 Global automakers plan to establish new assembly plants in Ras Al-
Khair – International transport companies specialized in
automobiles, aircraft and rail cars are planning to establish new
assembly plants in Ras Al-Khair Industrial City. The development

4. Page 4 of 5
comes in the wake of the success achieved by the Saudi Arabian
Mining Company (Ma’aden) in increasing production as well as
global competition in the production of aluminum ore. Ras Al-
Khair’s planned factories will depend on molten aluminum savings
in all forms that include aluminum alloys converted into aluminum
sheets used in beverage and food cans and car bodies
manufactured at Maaden Aluminum Complex, in which
investments reached SR40.5bn. (GulfBase.com)
 FGB reports AED1.45bn net profit in 2Q2015 – First Gulf Bank’s
(FGB) profit rose to AED1.45bn in 2Q2015 as compared to
AED1.35bn in 2Q2014. Loans & advances grew by 16% to
AED148.9bn at the end of June 2015 as compared to AED128.2bn
by the end of June 2014. For 1H2015, the bank's non-interest
revenue remained a solid growth driver, with its contribution to
total operating income reaching 31% at the end of June 2015. Core
fee income strengthened by 9% on an annual basis to reach
AED978mn at the end of June 2015. FGB said that net interest and
Islamic financing income for 2Q2015 dropped by 2% on an annual
basis to reach AED1.61bn. (Reuters)
 Bank of Sharjah net profit rises 16% YoY to AED176mn in 1H2015 –
Bank of Sharjah 's net profit increased by 16% YoY to AED176mn
in 1H2015. Total assets reached AED26,946mn, reflecting an
increase of 13% YoY and 8% from AED25,054mn as compared to
the December 31, 2014 figure. This was mainly driven by
AED829mn or 5% increase in customer deposits. Loans &
advances reached AED15,459mn, showing an increase of 11% YoY
in 1H2015.
 DEWA awards water transmission contract worth AED12mn –
Dubai Electricity and Water Authority (DEWA) has awarded a
contract worth AED12mn to supply, extend and commission main
water transmission networks, with a total length of 8.3 kilometers,
from Al Qudra road to Mohammed Bin Rashid Al Maktoum Solar
Park. The project aims to meet the future water demand in the
Solar Park project and surrounding areas. (GulfBase.com)
 SCAD: Abu Dhabi economy grows 2.2% in 2014 – According to a
report released by the Statistics Centre Abu Dhabi (SCAD), Abu
Dhabi’s economy grew at an estimated 2.2% in 2014 despite the
collapse in oil prices due to its diversification efforts. The Emirate
said its GDP rose to AED952.6bn in 2014 from AED931.7bn in
2013. The share of non-oil activities in GDP at constant prices
increased to 49.5% in 2014 from 38.7% in 2004. Away from oil,
construction was the biggest contributor to growth. Construction
had a 9.6% share of non-oil GDP, while finance and insurance
accounted for 7.2% of the non-oil economy. In January 2015, the
ratings agency Moody’s had estimated that Abu Dhabi’s economic
growth rate would slow in 2015 to below 3%. (GulfBase.com)
 KFH-Bahrain signs MoU with Gulf Air – Kuwait Finance House –
Bahrain (KFH-Bahrain) has signed a MoU with Gulf Air, which
entitles KFH-Bahrain credit card holders to avail discounts
whenever they purchase travel tickets through Gulf Air online. All
KFH-Bahrain credit card holders will receive a 10% discount when
purchasing a business or economy class ticket from Gulf Air’s
official website. (GulfBase.com)
 Kuwait inflation rises to 3.5% in June 2015 – Kuwait's statistics
office reported that Kuwait June 2015 inflation rose to 3.5%, the
highest since April 2012. Prices of food & beverages, which
account for over 8% of the basket, rose 3.6% YoY and 0.7% MoM.
Housing costs, which account for around 29% of consumer
expenses, jumped 6.5% YoY in June 2015 and rose 0.8% MoM.
(Reuters)
 BHB announces commencement of GDB issue no. 9 – Bahrain
Bourse (BHB) announced that Bahraini and non-Bahraini
investors can directly subscribe through the primary market in the
Government Development Bond (GDB) issue No. 9, that has been
issued by the Central Bank of Bahrain (CBB) on behalf of the
Government of Bahrain, by giving their orders to registered
brokers at BHB. Thereafter, investors will be able to trade the
bonds in the secondary market once listed on the BHB, which is
expected to be on August 16, 2015. The BHD150mn securities are
issued at a par value of BHD1 each on July 30, 2015 for a period of
5 years ending July 30, 2020. The annual fixed interest rate on
these securities is 4%, and will be paid every six months on
January 30 and July 30 every year throughout the period of this
issue. BHB specified that the subscription period through the
registered brokers is effective July 26, 2015 until July 28, 2015.
(Bahrain Bourse)
 GFH Capital to acquire majority stake in Dubai-based private school
– GFH Capital Limited, a Dubai-based subsidiary of GFH Financial
Group, has agreed to acquire a 80% stake in a leading Dubai-based
private school, within one year. The school has an enrolment of
over 1,600 international students, and is valued at AED200mn.
(Bahrain Bourse)
 PBC: Bahrain telecoms industry among most developed in Middle
East – According to a report released by Paul Budde
Communication (PBC), Bahrain’s telecoms industry is arguably
one of the most developed in the Middle East. As per the report,
Bahrain has been early to introduce liberalization and is one of the
most open markets in the region, underpinned by a relatively well-
developed regulatory environment. Mobile penetration levels are
high in the Middle East, having passed the 100% milestone in nine
out of 14 countries. The highest rates can be found in the GCC
region, where penetration rates range between 170% and 200%.
(GulfBase.com)

5. Contacts
Saugata Sarkar Sahbi Kasraoui QNB Financial Services SPC
Head of Research Head of HNI Contact Center: (+974) 4476 6666
Tel: (+974) 4476 6534 Tel: (+974) 4476 6544 PO Box 24025
saugata.sarkar@qnbfs.com.qa sahbi.alkasraoui@qnbfs.com.qa Doha, Qatar
Disclaimer and Copyright Notice: This publication has been prepared by QNB Financial Services SPC (“QNBFS”) a wholly-owned subsidiary of QNB SAQ (“QNB”). QNBFS is regulated by the Qatar Financial
Markets Authority and the Qatar Exchange QNB SAQ is regulated by the Qatar Central Bank. This publication expresses the views and opinions of QNBFS at a given time only. It is not an offer, promotion or
recommendation to buy or sell securities or other investments, nor is it intended to constitute legal, tax, accounting, or financial advice. QNBFS accepts no liability whatsoever for any direct or indirect
losses arising from use of this report. Any investment decision should depend on the individual circumstances of the investor and be based on specifically engaged investment advice. We therefore
strongly advise potential investors to seek independent professional advice before making any investment decision. Although the information in this report has been obtained from sources that QNBFS
believes to be reliable, we have not independently verified such information and it may not be accurate or complete. QNBFS does not make any representations or warranties as to the accuracy and
completeness of the information it may contain, and declines any liability in that respect. For reports dealing with Technical Analysis, expressed opinions and/or recommendations may be different or
contrary to the opinions/recommendations of QNBFS Fundamental Research as a result of depending solely on the historical technical data (price and volume). QNBFS reserves the right to amend the
views and opinions expressed in this publication at any time. It may also express viewpoints or make investment decisions that differ significantly from, or even contradict, the views and opinions
included in this report. This report may not be reproduced in whole or in part without permission from QNBFS
COPYRIGHT: No part of this document may be reproduced without the explicit written permission of QNBFS.
Page 5 of 5
Rebased Performance Daily Index Performance
Source: Bloomberg Source: Bloomberg
Source: Bloomberg Source: Bloomberg (*$ adjusted returns)
80.0
100.0
120.0
140.0
160.0
180.0
Jul-11 Jul-12 Jul-13 Jul-14 Jul-15
QSE Index S&P Pan Arab S&P GCC
(0.8%)
(0.3%)
(0.1%) (0.0%)
(0.1%)
(0.4%)
(1.3%)
(2.0%)
(1.0%)
0.0%
SaudiArabia
Qatar
Kuwait
Bahrain
Oman
AbuDhabi
Dubai
Asset/Currency Performance Close ($) 1D% WTD% YTD% Global Indices Performance Close 1D%* WTD%* YTD%*
Gold/Ounce 1,099.05 0.8 (3.1) (7.2) MSCI World Index 1,745.50 (1.0) (2.0) 2.1
Silver/Ounce 14.69 0.1 (1.3) (6.5) DJ Industrial 17,568.53 (0.9) (2.9) (1.4)
Crude Oil (Brent)/Barrel (FM
Future)
54.62 (1.2) (4.3) (4.7) S&P 500 2,079.65 (1.1) (2.2) 1.0
Crude Oil (WTI)/Barrel (FM
Future)
48.14 (0.6) (5.4) (9.6) NASDAQ 100 5,088.63 (1.1) (2.3) 7.4
Natural Gas (Henry
Hub)/MMBtu
2.82 (3.3) (1.0) (6.0) STOXX 600 394.64 (1.0) (1.6) 4.5
LPG Propane (Arab Gulf)/Ton 41.62 (1.2) (3.5) (15.1) DAX 11,347.45 (1.6) (1.7) 4.5
LPG Butane (Arab Gulf)/Ton 53.25 (1.8) (3.8) (18.7) FTSE 100 6,579.81 (1.2) (3.6) (0.3)
Euro 1.10 0.0 1.4 (9.2) CAC 40 5,057.36 (0.7) (0.2) 7.4
Yen 123.81 (0.1) (0.2) 3.4 Nikkei 20,544.53 (0.6) (0.3) 13.7
GBP 1.55 (0.0) (0.6) (0.4) MSCI EM 910.40 (1.4) (3.3) (4.8)
CHF 1.04 (0.3) (0.1) 3.3 SHANGHAI SE Composite 4,070.91 (1.2) 2.9 25.8
AUD 0.73 (1.0) (1.2) (10.9) HANG SENG 25,128.51 (1.1) (1.1) 6.5
USD Index 97.24 0.1 (0.6) 7.7 BSE SENSEX 28,112.31 (1.3) (2.2) 0.8
RUB 58.59 1.2 2.9 (3.5) Bovespa 49,245.85 (2.7) (10.2) (22.0)
BRL 0.30 (2.0) (4.9) (21.0) RTS 859.12 (2.9) (5.8) 8.7
143.0
123.1
117.5